Gazprom, Petrovietnam mull long-term LNG contract

MOSCOW -- Gazprom and Petrovietnam are considering signing a contract for the supply and purchase of LNG, Gazprom said in a statement, as it continues its efforts to increase sales to Asia.

"The possibility of concluding a long-term LNG sale-and-purchase agreement is being considered" Gazprom said in a statement, after a meeting between its CEO Alexei Miller, and the chairman of Petrovietnam's board, Phung Dinh Thuc.

Gazprom plans to lift sales to Asia to help offset a drop in demand and regulatory troubles in its most lucrative market, Europe. It is planning to build a gas liquefaction plant in Vladivostok on Russia's Pacific coast.